Brazil Overtakes US as Top Crypto Adoption Country Amid Bear Market
According to Chainalysis' 2026 index, Brazil has overtaken the US in grassroots crypto adoption. Despite being in what Chainalysis calls its worst bear market since 2022, the country's crypto economy reached $252.5 billion over the 12 months ending June 30.
This is a remarkable achievement considering that the global on-chain activity slipped just 1.6% during this period, while the market shed $2.1 trillion in value.
Brazil ranked fourth or higher in every category measured by Chainalysis, including cross-border flows, service flows, domestic peer-to-peer (P2P) activity, and balances.
The country's strong performance across multiple categories is what set it apart from the US, which scored well in certain areas but poorly in others. The US ranked first in both service flows and balances but placed 11th in cross-border flows and 20th in domestic P2P transfers, leaving it second overall.
The growth of stablecoins has also played a significant role in the crypto economy's resilience during this period. Transfers between personal wallets inside countries rose 302.9% to $228.7 billion, with stablecoins accounting for 96% of that flow.
Philip Gradwell, vice president of economics at Tether, attributed the pattern to commercial use, stating, 'Activity has become consistent, routed through wallets in a steady rhythm rather than in bursts. That is the signature of trade and business activity, not speculation.'